NEW YORK, NY, Jan. 30, 2026 (GLOBE NEWSWIRE) -- Saratoga Investment Corp. (the “Company”) (NYSE: SAR) today announced that it has priced an underwritten public offering of $100.0 million in aggregate principal amount of 7.50% unsecured notes due 2031 (the “Notes”). The offering is subject to customary closing conditions and is expected to close on February 6, 2025. The Notes will mature on February 6, 2031, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on o ...

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Core Viewpoint - Saratoga Investment Corp. has initiated a registered public offering of unsecured notes and received an investment grade rating of "BBB+" from Egan-Jones Ratings Company [1][2] Group 1: Offering Details - The unsecured notes are expected to be listed on the New York Stock Exchange under the trading symbol "SAV" within 30 days of the original issue date [2] - The net proceeds from this offering will be used to fully redeem the Company's outstanding 4.375% Notes due 2026 [3] Group 2: Company Overview - Saratoga Investment Corp. is a specialty finance company that provides customized financing solutions to U.S. middle-market businesses, primarily investing in senior and unitranche leveraged loans and mezzanine debt [7] - The Company aims to create attractive risk-adjusted returns through current income and long-term capital appreciation from its debt and equity investments [7] - Saratoga Investment Corp. is regulated as a business development company under the Investment Company Act of 1940 and is externally managed by Saratoga Investment Advisors, LLC [7] - The Company manages a $650 million collateralized loan obligation (CLO) fund and co-manages a joint venture fund with a $400 million CLO [7]

HONG KONG, Jan. 8, 2026 /PRNewswire/ -- DPC Dash – Domino's Pizza China ("DPC Dash" or the "Company") (1405.HK), the exclusive master franchisee for Domino's Pizza in the Chinese Mainland, Hong Kong SAR, and Macau SAR, continued its strong growth momentum in the fourth quarter of 2025, further strengthening consumer loyalty through expansion of its store network, core product innovation and upgrades, and breakthrough seasonal marketing. The Company successfully achieved its full-year store opening targets a ...

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Financial Performance - Saratoga Investment Corp. reported an EPS of $0.61, beating the estimated $0.59, and revenue of approximately $31.6 million, surpassing the estimated $31.3 million [1][6] - The financial performance showed a 5.2% increase in net investment income (NII) per share, and the net asset value (NAV) per share increased by 0.7% from the previous quarter [2] - The company achieved a quarterly return on equity (ROE) of 13.5%, contributing to a last twelve months (LTM) ROE of 9.7%, significantly higher than the BDC industry average of 6.6% [2][6] Dividends - The company declared an actual dividend of $1.00 per share for the fiscal third quarter of 2026, which includes a special dividend of $0.25 per share [3] Valuation Metrics - The price-to-earnings (P/E) ratio is approximately 14.81, reflecting the market's valuation of its earnings [4] - The price-to-sales ratio is notably low at 0.011, suggesting that the company's stock is valued at a fraction of its sales [4] - The enterprise value to sales ratio stands at 9.51, indicating the company's valuation in relation to its sales [4] Cash Flow and Capital Structure - The enterprise value to operating cash flow ratio is 12.73, providing insight into the company's cash flow efficiency [5] - The earnings yield is 6.75%, offering a perspective on the return on investment [5] - The debt-to-equity ratio is -3.44, indicating a unique capital structure with more liabilities than equity [5] - The current ratio is 0.074, which may suggest liquidity challenges in meeting short-term obligations [5]

Assets and Management - Assets Under Management (AUM) increased to $1.016 billion, a 5.8% rise from $960.1 million year-over-year and a 2.1% increase from the previous quarter[7]. - The fair value of Saratoga Investment's portfolio was $1.016 billion, excluding $169.6 million in cash and cash equivalents, invested in 46 portfolio companies and other financial instruments[11]. - Total assets increased to $1,196,961,951 as of November 30, 2025, compared to $1,191,543,857 on February 28, 2025, reflecting a growth of approximately 0.4%[27]. - Total investments at fair value rose to $1,015,950,344, up from $978,077,750, indicating an increase of about 3.9%[27]. Investment Income - Net Investment Income (NII) per share rose to $0.61, reflecting a $0.03 increase from the previous quarter, but down from $0.90 year-over-year[3]. - Total Investment Income for the quarter was $31.6 million, a decrease of 11.8% from $35.9 million in the same quarter last year, but an increase of 3.3% from $30.6 million last quarter[7]. - Net investment income for the three months ended November 30, 2025, was $9,786,386, a decrease of 21.3% from $12,435,655 in the same period of 2024[30]. - For the nine months ended November 30, 2025, net investment income totaled $29,009,151, down from $44,968,058 in 2024, a decrease of approximately 35.6%[38]. Dividends - Dividends declared for the quarter were $0.75 per share, up from $0.74 per share in the same quarter last year[3]. - Saratoga Investment declared a base quarterly dividend of $0.75 per share for the fourth quarter of fiscal 2026, with three monthly dividends of $0.25 per share[14]. Debt and Financing - The company entered into a new credit agreement with Valley National Bank for $85.0 million, with an initial draw of $32.5 million to repay existing debt[10]. - The company maintained a cash position of $169.6 million, down from $200.8 million last quarter, but still significant for future investments[5]. - Total liabilities decreased to $783,755,039 as of November 30, 2025, down from $798,878,389, a decline of about 1.9%[27]. - Interest and debt financing expenses decreased to $36,735,463 for the nine months ended November 30, 2025, compared to $39,135,022 in the previous year, a reduction of approximately 6.1%[33]. Portfolio Composition - The overall portfolio composition consisted of 83.9% first lien term loans, 0.8% second lien term loans, and 1.6% unsecured loans[11]. - The weighted average current yield on the portfolio was 9.7%, with 10.4% on first lien term loans and 15.6% on second lien term loans[11]. - The weighted average interest rate on the core BDC portfolio decreased to 10.6%, down from 11.3% last quarter and 11.8% year-over-year[7]. Shareholder Actions - The company purchased 1,035,203 shares of common stock at an average price of $22.05, totaling approximately $22.8 million under its Share Repurchase Plan[19]. - Saratoga Investment has sold 8,591,915 shares for gross proceeds of $227.2 million at an average price of $26.37 since the start of its equity distribution agreement[15]. - The company has $136.0 million in undrawn SBA debentures available from its existing SBIC III license[15]. Performance Metrics - Return on Equity (ROE) for the last twelve months was 9.7%, up from 9.2% year-over-year, and quarterly ROE was 13.5%[4]. - The net increase in net assets resulting from operations for the nine months ended November 30, 2025, was $39,217,382, compared to $28,763,019 in the same period of 2024, representing a growth of 36.5%[33]. - The asset coverage ratio improved to 168.4% from 162.9%, indicating a stronger asset base relative to liabilities[28]. - The net investment income yield for the three months ended November 30, 2025, was 9.5%, down from 13.3% in 2024, indicating a decrease of 28.6%[36].

Core Insights - Saratoga Investment Corp. reported a 5.2% increase in net investment income (NII) per share and a 0.7% increase in net asset value (NAV) from the previous quarter, with NAV per share remaining stable [1][3] - The company achieved a quarterly return on equity (ROE) of 13.5%, generating a last twelve months (LTM) ROE of 9.7%, which exceeds the business development company (BDC) industry average of 6.6% [1][4] Financial Performance - As of November 30, 2025, assets under management (AUM) increased to $1.016 billion, up 5.8% from $960.1 million a year ago and up 2.1% from $995.3 million in the previous quarter [2][7] - The net asset value (NAV) was $413.2 million, reflecting an increase of $38.3 million from $374.9 million a year ago and a slight increase of $2.7 million from $410.5 million in the previous quarter [7][30] - Total investment income for the quarter was $31.6 million, a decrease of 11.8% from $35.9 million a year ago but an increase of 3.3% from $30.6 million in the previous quarter [7][31] - Net investment income (NII) per share was $0.61, up from $0.58 in the previous quarter but down from $0.90 a year ago [2][31] - Earnings per share (EPS) for the quarter was $0.74, compared to $0.84 in the previous quarter and $0.64 a year ago [2][31] Dividend and Shareholder Returns - The company declared a base dividend of $0.75 per share for the fourth quarter of fiscal 2026, maintaining a monthly dividend of $0.25 per share [3][15] - Total dividends declared for fiscal year 2026 amounted to $3.25 per share, including a special dividend of $0.25 per share [3][15] Investment Activity - The company reported net originations of $17.2 million during the quarter, with total investments made amounting to $72.1 million, including three new investments and nine follow-ons [4][11] - The fair value of the portfolio increased by $2.5 million during the quarter, with a total portfolio fair value of $1.016 billion [6][11] Credit Quality and Leverage - The overall credit quality improved, with 99.8% of credits rated in the highest category, and only one investment remaining on non-accrual status [4][6] - The company’s regulatory leverage ratio was reported at 168.4%, reflecting a decrease from 160.1% last year [4][30] Market Position and Outlook - The company noted an increase in M&A activity despite competitive market dynamics, indicating a positive outlook for future investment opportunities [4][5] - Management expressed confidence in the resilience of the portfolio and the ability to generate consistent investment performance amid macroeconomic uncertainties [5][22]

Investment Strategy and Portfolio - The company has elected to be regulated as a Business Development Company (BDC) under the Investment Company Act of 1940, aiming for attractive risk-adjusted returns through investments primarily in senior and unitranche leveraged loans and mezzanine debt issued by U.S. middle-market companies with EBITDA between $2 million and $50 million [431]. - The company has the ability to invest up to 30.0% of its portfolio in opportunistic investments to enhance returns, which may include distressed debt and structured finance vehicles [431]. - The company has committed to provide up to $50.0 million of financing to SLF JV, with an ownership distribution of 87.5% and 12.5% between the company and TJHA, respectively [438]. - The company’s investment strategy is impacted by various risks, including interest rate volatility, inflation, and geopolitical conditions, which could materially affect financial performance [426]. - The company has no current intention to invest in private equity funds exceeding 15.0% of its net assets, adhering to regulatory definitions under the Investment Company Act [431]. - As of November 30, 2025, the company had 103 investments and 46 portfolio companies, with an average investment per portfolio company of $20.0 million [476]. - During the three months ended November 30, 2025, the company invested $72.1 million in new and existing portfolio companies, resulting in net investments of $(16.2) million for the period [480]. - The portfolio composition at November 30, 2025, included 83.9% in first lien term loans with a weighted average current yield of 10.4% [483]. - At November 30, 2025, 87.0% of the investments had a green CMR color rating, indicating performing credit [488]. Financial Performance - Total investment income for the three months ended November 30, 2025, decreased by $4.2 million, or 11.8%, to $31.6 million from $35.9 million for the same period in 2024 [499]. - Interest income from investments for the nine months ended November 30, 2025, decreased by $23.3 million, or 22.3%, to $81.1 million from $104.4 million for the same period in 2024 [500]. - The weighted average current yield on investments decreased to 9.7% as of November 30, 2025, down from 10.8% at November 30, 2024 [500]. - Net investment income for the three months ended November 30, 2025, was $9.8 million, down from $12.4 million for the same period in 2024 [497]. - The total portfolio value at fair value as of November 30, 2025, was $1,015.95 million, an increase from $978.08 million as of February 28, 2025 [496]. - The healthcare services sector represented 9.2% of the total portfolio as of November 30, 2025, up from 8.5% as of February 28, 2025 [492]. - The banking, finance, insurance, and real estate sector accounted for 19.4% of Saratoga CLO's portfolio as of November 30, 2025, down from 20.9% as of February 28, 2025 [493]. Expenses and Fees - Primary operating expenses include investment advisory fees and costs related to NAV calculations and independent valuations [469]. - Total operating expenses for the three months ended November 30, 2025, were $21.9 million, compared to $23.4 million for the same period in 2024 [497]. - Total operating expenses for the nine months ended November 30, 2025, decreased by $7.0 million, or 9.7%, to $65.6 million compared to $72.6 million for the same period in 2024 [509]. - Interest and debt financing expenses decreased by $1.1 million, or 9.1%, to $11.9 million for the three months ended November 30, 2025, primarily due to an 8.8% decrease in average outstanding debt [510]. - Base management fees for the three months ended November 30, 2025, increased by $0.02 million, or 0.5%, to $4.43 million compared to the same period in 2024 [513]. - Incentive management fees for the three months ended November 30, 2025, decreased by $0.7 million, or 21.3%, to $2.4 million compared to $3.1 million for the same period in 2024 [515]. Debt and Financing - The company has committed $50 million in financing to SLF JV, with a 10% fixed-rate unsecured note due in 2033 [467]. - The Encina Credit Facility allowed borrowings up to $65.0 million, with a minimum drawn amount of $25.0 million effective from April 5, 2022 [556][559]. - The company intends to distribute substantially all of its operating taxable income to satisfy RIC distribution requirements, potentially utilizing stock distributions [551]. - The Live Oak Credit Facility has an initial facility amount of $50.0 million, maturing on March 27, 2027 [570]. - As of November 30, 2025, there was $37.5 million in outstanding borrowings under the Live Oak Credit Facility, with a borrowing base of $81.9 million [584]. - The Valley Credit Facility has an initial facility amount of $85.0 million, maturing on November 6, 2028 [585]. - The Valley Credit Facility requires a minimum drawn amount of the greater of $25.0 million or 38% of the facility amount [588]. - Advances under the Live Oak Credit Facility bear interest at a floating rate of the greater of Adjusted Term SOFR and 0.75%, plus a margin of 3.50% to 4.25% [575]. - The Live Oak Credit Facility requires an Interest Coverage Ratio of at least 175% and an Overcollateralization Ratio of at least 200% [581]. - The priority of payments provisions for both credit facilities limit operating expenses to $200,000 per annum [579][593]. Unrealized Gains and Losses - The net change in unrealized appreciation for the nine months ended November 30, 2025, was $4.1 million, compared to $33.7 million for the same period in 2024 [532]. - The most significant unrealized appreciation for the nine months ended November 30, 2025, was a $4.9 million increase in the investment in Zollege PBC due to improved company performance [533]. - The company experienced a $34.0 million net realized loss from the restructuring of its investment in Pepper Palace, Inc. [531]. - The company recorded a $15.1 million net realized loss from the restructuring of its investment in Zollege PBC for the nine months ended November 30, 2024 [528]. - The company had a net change in unrealized depreciation of $1.1 million in its investment in Identity Automation Systems due to the sale of the equity position [536]. - The company recorded a $2.2 million net change in unrealized depreciation in its investment in Saratoga Investment Corp. CLO driven by the performance of individual credits in the CLO portfolio [534]. Regulatory and Compliance - The company’s SBIC subsidiaries received licenses from the SBA, providing up to $175.0 million in long-term capital in the form of debentures guaranteed by the SBA [433]. - The company is evaluating the impact of new accounting standards, including ASU 2023-09 and ASU 2024-03, on its consolidated financial statements [473][474]. - The company received exemptive relief from the SEC, allowing it to borrow up to $350.0 million more than previously permitted [602].

Saratoga Investment Corp. (NYSE:SAR) will release earnings results for its third quarter after the closing bell on Wednesday, Jan. 7, 2025.Analysts expect the company to report quarterly earnings at 59 cents per share, down from 90 cents per share in the year-ago period. Saratoga Investment is expected to report revenue of $31.35 million, up from $35.88 million a year earlier, according to Benzinga Pro data.On Nov. 6, Saratoga Investment announced a new $85 million credit facility with Valley National Bank. ...